Azuri Technologies, which is a provider of pay-as-you-go solar home solutions to off-grid households across Africa, has announced a strategic investment of $26 million to expand its market in the continent.
The investment is designed to accelerate Africa’s transition to clean and affordable energy and is being financed in partnership with Japanese Fortune Global 500 Company, Marubeni Corporation, with additional participation of existing shareholders including FTSE 250 Company IP Group Plc.
The strategic investment would ultimately accelerate Azuri’s market growth plans in both East and West Africa and open up new opportunities for the business.
The company provides solar home systems to off-grid consumers in sub-Saharan Africa on a pay-as-you-go basis. These systems enable households without access to the grid to benefit from modern conveniences, from electric light to satellite TV and Internet access via smart phones.
The investment will enable Azuri to accelerate expansion in existing sub-Saharan Africa markets and roll out its solar lighting, TV and additional services into new markets, with focus on enhancing the lives of millions living without access to the grid.
The Chief Executive Officer of Azuri Technologies, Simon Bransfield-Garth said “we are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders. The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity”.
The Chief Operating Officer, Power Business Division, Marubeni Corporation, Mr. Yoshiaki Yokota also said “we believe that Azuri’s unique business model will have a profound impact on the growing off-grid energy market in Africa”.
Yokota added that “the global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the African energy sector and beyond”.